Oshawa's Mortgage News Desk!

Appraisals. Why do lenders request for appraisals?

If you are a current homeowner or previously been a homeowner, you may have already heard the term “appraisal” when obtaining mortgage financing. When you purchase or refinance a home, in many cases, lenders require an appraisal from an independent appraisal company. The purpose of an appraisal is for the lender to determine the value of the property.

Here’s what you need to keep in mind, when getting your home ready for an an appraisal:

1. House keeping – the appraiser will be focusing the structure of the house. However, decluttering and tidying up the interior and exterior will help make a good impression, as photographs will be included in the final appraisal report.

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David Hetti is a full time Mortgage Broker with Mortgage Intelligence (FSCO Lic MO8002434)
David is the Director of Operations at Mortgage Intelligence Oshawa and heads a team of full time licensed Mortgage Agents serving all of Ontario. David is also a licensed Insurance Consultant.